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Workshop on the Euro Area Debt Crisis and Federalism Theory

20 Nov 2014

On 20 November 2014 EURO-CEFG organised an international interdisciplinary expert workshop on the question whether and to what extent in the context of the euro area financial and sovereign debt crisis lessons can be learned from federalism theory.

Several distinct speakers addressed this question from unique perspectives. Thus, for example, Amy Verdun, Professor at the University of Victoria and EURO-CEFG Research Associate, analyzed the EU’s response to the Euro area debt crisis from a historical-institutionalist perspective. Claire Hill, James L. Krusemark Chair in Law Professor at the University of Minnesota, focused on the potential negative consequences of ‘hard regulation’ in the sphere of financial markets.

Furthermore, Paul Schure, Associate Professor of Economics at the University of Victoria and EURO-CEFG Research Associate, discussed the ‘mutual recognition’ principle in the EU financial sector and assessed its role in inducing the financial crisis. Factors affecting preferences of political actors regarding patterns of economic governance in the EU and the interest groups’ stakes in recent regulatory reforms were examined in the presentation given by Professor Madeleine Hosli and Wen Pan (University of Leiden).

Last but not least, Martijn Groenleer, Assistant Professor of Public Policy and Management at the Faculty of Technology, scrutinised the regulatory governance structures that have recently emerged to coordinate the EU financial and economic system, both at the national and supranational level, indicating hybridity or duality in regulatory governance in the EU.